This bill would let individual taxpayers deduct up to $10,000 of homeowners insurance annual premiums for their main home. The deduction is taken "above the line," meaning it is used when figuring adjusted gross income. The bill adds a new section to the Internal Revenue Code and says the term "principal residence" has the same meaning as in section 121. The change would apply to taxable years ending after the law is enacted.
If you pay annual homeowners insurance premiums for your principal residence, you could deduct up to $10,000 of those premiums when calculating your adjusted gross income. The deduction applies to individuals and covers annual policy premiums paid or incurred for the main home.
The bill sets a $10,000 limit on the deduction per year. No publicly available information on estimated federal revenue effects, budgetary costs, or administrative costs is provided in the text.
No publicly available information.
No publicly available information.